As of 2018, the North American payroll and human resources market boasted a $7 billion value. If you’re looking to get your piece of that incredibly profitable pie, you’ll need to boost your marketing game – especially if you’re among the growing number of entrepreneurs launching or looking to grow payroll firms. Not only are you competing against your similarly-sized peers, but there’s no reason to believe you can’t draw business from the bigger players in the industry. It all comes down to having the right tools and the right approach.
Apex HCM, offering a full suite of payroll and HR solutions for service bureaus of all sizes, offers these five tips:
- Consider a niche: Some payroll firms offer services to industries across the board. Others opt to specialize in particular fields that often present unique challenges. Examples are healthcare, construction and the currently tenuous but potentially huge medical and recreational marijuana dispensary business. To date, 10 states and the District of Columbia have legalized small amounts of marijuana for adult recreational use, but state and federal regulations can make payroll and tax issues difficult for distributors to navigate. Specializing in such a niche allows you to market your firm as the undisputed go-to.
- Get social: You might think that this one’s a no-brainer. It’s 2019, after all. EVERYONE’s on social media, right? Not so, according to a recent survey in which nearly a third of responding businesses with fewer than 100 employees said they either don’t currently use but plan to in the future (16 percent) or have no plans to use social media at all (13 percent). Of the respondents that do use social media, only 52 percent said they post daily. Yet, social media – particularly LinkedIn – is a proven goldmine for B2B marketers looking to generate sales leads.
- Catch a ride with prospective clients: The average commute to and from work in the United States is 26.9 minutes, according to the U.S. Census Bureau’s 2017 American Community Survey. But in certain areas, time spent between home and the office can be much longer, such as in the New York-Newark-Jersey City metro area, where travel time tops 37 minutes. In fact, more than 14 million people nationwide now spend an hour or more traveling to work. Those figures represent a captive audience full of prospects for your payroll business. Consider ads in mass transit vehicles and stops. Or go on the air with radio ads or sponsorships of drivetime shows to reach commuters in their own vehicles. Focus on talk radio stations or business-topic programs with listener demographics that match your own target market. You would be surprised how inexpensive billboard signage can be.
- Share your expertise: Speaking of going on the air, media professionals constantly seek subject matter experts to interview when covering business topics. Let reporters, editors and producers of local and trade publications and programs know you’re available for payroll- and HR-related topics, particularly when you see a potential story developing. Also, offer to speak at area business, civic and trade events and organizations, or apply to a speaker’s bureau.
- Network: It may seem tedious and even a bit old school, but in-person networking remains the top tried-and-true way to land new clients. Join your local and state chambers of commerce and make sure that you or your sales staff attend business and entrepreneurial networking events happening in all your target areas. Remember, payroll is still a relationship business for local payroll providers, so use this leverage to the fullest advantage.
A top marketing message for your payroll service bureau? A full suite of highly efficient, effective and integrated HR and payroll software solutions. Call 877-750-2739 or request a demo online to learn how partnering with APEX HCM can help you land new clients and grow your payroll business.